Byrne Group has posted a £12m loss after problems jobs at its building and fit-out arms.
The group’s new-build, refurbishment and fit-out business Chorus posted a loss of £13.9m for the year to 31 May 2016, which the company blamed on a series of loss-making legacy contracts.
Ellmer Construction, which also carries out fit-out, refurb and new-build works, also recorded a loss of £2.5m due to two problem contracts.
However, the group’s concrete frame business Byrne Bros posted a profit of £8.9m, with an EBITDA margin of 4.8 per cent.
Contracts completed in the year by Byrne Bros include the new Tate Modern extension, Bloomberg’s European HQ and a contract at London Wall Place for Multiplex.
Byrne also replaced Dunne Group on two more jobs for Multiplex. The group stepped in on 100 Bishopsgate and One Blackfriars after Dunne Group’s administration in July this year.
It is also working on the Battersea Power Station redevelopment and has won a deal with Canary Wharf Contractors for 1 Bank Street, a 700,000 sq ft 27-storey building featuring three trading floors, retail space and basement parking.
Overall, the business posted a pre-tax loss of £11.9m, compared with a loss of £4m a year earlier.
Turnover grew to £329.4m, up from £298.9m in its previous results.
The group appointed new managing director John Anderson in January this year.